Pakistan to open international electronic payment gateways

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KARACHI: Pakistan to open international electronic payment gateways ahead of the likely arrival of PayPal and Alipay in the country.

While presenting the budget for 2017-18 in the National Assembly, the finance minister said the State Bank of Pakistan (SBP) was developing a state-of-the-art e-gateway at a cost of Rs200 million.

“The system will facilitate transactions through mobile banking,” he said. “The Rs200-million investment is being undertaken by the SBP.”

Even though PayPal is a world-renowned international e-payment system, Alipay is not as common across the globe. However, recently, Prime Minister Nawaz Sharif developed an understanding with Alibaba Group Founder and Executive Chairman Jack Ma, who also owns Alipay, to open its office in Pakistan. Alipay will enable Chinese and Pakistani traders to make easy e-payments between the two countries.